Iasis profits up 9 percent

Revenue per patient jumps, but so do bad debt, claims at insurance unit

Email | Print By Geert De Lombaerde

Hospital operator Iasis Healthcare posted a profit of $11.7 million in its first fiscal quarter, up from $10.7 million the year before. Revenues rose 14 percent to $562 million, but were partially offset by rising medical claims and bad debt.

Adjusted admissions at Iasis’ 16 facilities fell slightly last quarter, but revenue per patient rose almost 9 percent. On the flip side, bad debt rose to 8.4 percent of revenue from 7.7 percent in late 2007 and medical claims at the company’s Health Choice insurance division jumped by almost a third, although insurance operating profits rose to $12.7 million from $10.6 million a year ago.

“Considering the challenging economic climate, we are pleased with these first quarter results,” said David White, chairman and CEO of the Franklin-based company. “We will continue to operate all sectors of our business as effectively and efficiently as possible, which is now even more important given the current pressures and challenges facing our industry and the communities we serve.”

For the full earnings release, click here.